Memphis' cost of living ranks fifth lowest in nation | News
The Council for Community and Economic Research ranked Memphis as the fifth lowest in the nation in terms of cost of living.
“Memphis is the least expensive major metropolitan area to live in the continental United States,” said Greater Memphis Chamber director of research Adrienne Johnson. “A family of four can save on housing, groceries and receive the best health care in the country while building their savings accounts," said Johnson.
The data is based on prices from grocery stores, housing, utility, health care and other miscellaneous goods and services simultaneously gathered by volunteer organizations around the country.
The pricing period lasts three days during the first three quarters of each year.
The Greater Memphis Chamber’s research department has been pricing for the index since 1990 and has never missed a quarter. The index is a vital economic tool used by site selectors, economic development organizations, companies and individuals to compare living costs across multiple communities.
“Since 2001, Memphis’ Cost of Living Index has been consistently 14% below the national average,” said Johnson. “Earned income can go a long way here, where else can you find a brand new 4-bedroom, 3 bath house priced around $180,400?”
The low cost of living ranking is an important selling point for retaining a quality workforce and attracting businesses along with their jobs and investment.
Memphis' standard of living tied with Fayetteville, AR, a much smaller city in terms of population and size.